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- š¦ Just SearchGPT it
š¦ Just SearchGPT it
And the US economy just got its Katie Ledecky on
Hey there weekday warriors,
Letās talk about how bad things are going to get for Google now that ChatGPT is getting into the search game. Plus, good news my fellow Americansā¦ thereās a new weight loss drug on the way.
Enjoy the next 4 minutes and 16 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
+ āThe S&P 500 and Nasdaq Composite dropped on Thursday, building on the previous session's losses as investors continued to dump some of 2024's leading technology stocks.ā (Yahoo! Finance)
+ The 10-year Treasury yield ādeclined Thursday as investors sifted through a batch of economic data and prepared for next weekās Federal Reserve meeting." (CNBC)
+ Oil āsettled higher Thursday after cutting intraday losses after stronger U.S. economy data helped improve sentiment on crude demand just as China oil imports fell.ā (Reuters)
+ āStrong macroeconomic data, fear of an artificial intelligence bubble and an ongoing court case could be factors in Bitcoinās multiday correction.ā (Investing)
+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Nvidia -1.7% 2) Tesla +1.9% 3) Visa -0.7%
The market moves you need to know aboutā¦
ā Henry Ford be like āLook how they massacred my boy.ā Ford got totaled yesterday, falling 18.3% for its worst day since 2008. Investors were reacting to the brutal earnings report F dropped on Wednesday.
ā Imagine not being able to print money when you service diabetics in the US in 2024. Dexcom shares plummeted 36.8% after hours following a top-line miss and offering up weak guidance.
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Just SearchGPT itā¦
Source: Giphy
āThe future is now, old man.ā - Sam Altman to Sundar Pichai
It was only a matter of time until Sam Altman and OpenAI did to Google (-2.9%) what the Democratic Party just did to Joey Politics.
OpenAI announced (pretty randomly on Twitter) that itās working on SearchGPT. Pretty much everyone expected OpenAI to get into the search game, but it wasnāt entirely clear when it would come for the king.
The product is pretty simple and will look pretty familiar to anyone who uses Perplexity. It searches the web, not unlike Ask Jeeves or Bing, but it allows you to ask follow-ups about your search like youāre having a conversation with a friend who happens to be familiar with the full spectrum of human knowledge.
SearchGPT is currently being alpha-tested (presumably by a bunch of betas), but you can join the waitlist. The oldest internet hype tactic in the bookā¦
Sam Altman did not mince words about his intentions: āWe think there is room to make search much better than it is today.ā
Immediate impact
SearchGPT going all āIām the captain nowā could be bad news for the OG search enginesā¦ like Google.
Not only because new competition has entered the arena, but because Google has shot itself in the foot with a clunky rollout of its AI Overview search featureā¦ and its consumer AI product in general.
Google wasnāt the only loser on the dayā¦
Microsoft (-2.4%) has to be punching air right now. Despite controlling a tiny sliver of the search market, its shares fell nearly as much as Alphabet. You hate to see it.
+ āBro, did you see Lineageās fire ticker symbol?ā - Chad, 23, lives in Murray Hill, says things like ālast weekend was a movie.ā
Lineage, a real estate investment trust, began trading on the Nasdaq under the ticker symbol LINE. By raising $4.4B at an $18B valuation, it officially became the biggest IPO of 2024ā¦ which, to be fair, is like saying youāre the coolest guy at the Bitcoin convention.
LINE was up ~3% on the day. Priced to perfection.
+ Yeah, Iām overweight in Vikingā¦
Viking Therapeutics (+28.3%) just entered a cheat code. The pharma company surprised the Street by saying it was skipping additional phase 2 trials on its weight loss drug and heading right to late-stage testing. Spoiler: that could shave nearly a year off of the projected launch date.
Vikings VK2735 is a GLP-1 (think: Wegovy). But it does have one major advantage over its competitors: it hopes to go to market as a monthly option. Wegovy and Mounjaro are weekly injections.
It probably shouldnāt come as a shock that Novo Nordisk (-2.8%) and Eli Lilly (-4.5%) caught some shrapnel on the day.
+ *āUSAā chant erupts*
In Q2 the US economy went all Katie Ledecky in the 1500-meter freestyle. GDP grew 2.8% in the second quarter. Thatās well above the 2.1% economists expected. And double Q1.
If you guessed that the USā economic growth was driven by consumer spending (so, mostly your parents and grandparents buying stuff on Temu), congratulations.
Oh, andā¦
+ Southwest to make the biggest change to its seating policy and legroom in its history. You can now sit in the bathroom.
+ Boeingās crewed Starliner flight wonāt return to Earth for a while. Boeing and NASA stressed that the astronauts āare not stranded in space.ā I call bullsh*t.
+ Dominoās CEO rips fast-food rivalsā value meals: āNot valuableā. Bring back the 5-5-5 deal and nobody gets hurt.
+ It might be time to put your savings into a high-yield account before itās too late. Friendly reminder: the smart money expects a rate cut in Septemberā¦
+ She makes $550,000 a year. Her husband makes $60,000. Hereās how it affects their relationship. Why does this sound like an intro to House Hunters?
FYI, TWC might be compensated if you click on the links above. Sooo, what are you waiting for? Start clicking.
āŖ Yesterday, Abbvie, AstraZeneca, Union Pacific, Unilever, Honeywell, Raytheon, Northrop Grumman, Carrier, Stellantis, Royal Caribbean, Southwest Airlines, Hasbro, and American Airlines reported before the bell. Digital Realty Trust, L3Harris, Deckers Outdoor, and Texas Roadhouse dropped earnings after the close. Plus we got Q2 GDP data.
ā© Today weāre keeping an eye onā¦
+ Bristol-Myers Squibb, Colgate, Aon, 3M, and T. Rowe Price report before the bell
+ The opening ceremony of the Paris Olympics
+ The Fed's preferred inflation gauge (PCE) drops
Yesterday, I asked, āWhat did/do you do for child care for your kid(s) pre-kindergarten?ā
Daycare came out on top, followed by one parent staying home.
Some of you showed your workā¦
One parent at home: āMy wife was home with the kids and I wouldn't have traded 'jobs' with her for anything... that is real work!ā
Other: "Condoms"
Daycare: āOur guy was born in Dec. 2019, so we were home for a while. We went the nanny route (a nightmare process until we found a keeper) and then daycare in March 2022- been there ever since. COVID shutdowns were awesome.ā
Hereās todayās questionā¦
Iām pretty convinced that youāre either team Olympics or youāre not. You either hate it or love it. No in betweenā¦
Do you love watching the Olympics or hate the Olympics? |
š„ This out-of-office message is legendaryā¦
Oh, and one more thingā¦
What did you think about today's newsletter? |
Does this look like the face of a guy you should take financial advice from?
No, itās the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...
This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.